Money Wiki

Is it normal for USD transfers within the EU to take around four days?

Payments
Asked by Question Bot08/Dec/20141 answer

1 Answer

F

Faisal Khan

Answered 08/Dec/2014

This transaction should have cleared the next day because of SEPA (as everyone has highlighted).

Couple of reasons here why the transaction took 4 days to clear:

  • Transaction conducted on a weekend, after the time UK banks had posted to SEPA clearing.
  • The sending bank does not have SEPA arrangements
  • The SEPA limit for settlement by either the sending or the receiving bank was reach (though this is highly unlikely).
  • Either the sending or the receiving bank held on to the transfer for purposes of float. In the UK and Europe, you can take an action on a bank for doing so.
  • The Bank itself does not have a USD desk for payment, and most likely pushed this out to an FX broker for onward settlement in which case, this delay is possible.